FedEx Express - Flint, MI

4455 Linden Creek Pkwy Flint , MI 48507-2943

FedEx Express - Flint, MI - Industrial for sale

Download Offering Memorandum

Overview


Jones Lang LaSalle (JLL) on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the fee-simple interest in a 57,522 square foot FedEx distribution and shipping center (the Property) in Flint, Michigan. The Property is leased to Federal Express Corporation (the Tenant), a publicly traded, investment-grade delivery services company (S&P: BBB). FedEx originally leased the property in December of 1997 and has since extended the lease twice, demonstrating their long-term commitment to the location. The Property is located less than one mile from the Bishop International Airport, which hosts FedEx, and serves as a transfer facility and FedEx Shipping Center. FedEx most recently extended the lease an additional ten years in December of 2017 and has two 5-year options to extend. This investment represents an exceptional opportunity to acquire a distribution and shipping center leased to an investment grade tenant on a long-term lease.

Investment Highlights


-The Property is leased by FedEx, an investment-grade company, who recently extended their lease another 10 years, demonstrating their long term commitment to the location.

-The Property sits within the Linden Creek Parkway business park, the premier warehouse and distribution area in Flint and Genesee County. The park consists of 1.8 million SF of warehouse distribution space and is 100% occupied.

-The Genesee County industrial market currently has a 3% vacancy of Class A and Class B warehouse distribution space for properties exceeding 50,000 square feet, making this a highly desirable market for like-kind tenants.

-The current landlord made improvements to the Property prior to the recent lease extension including new water heaters, entryways, windows, paint, and flooring among other items.

-The Property is uniquely positioned near Interstate 69 and 75 which allows for direct access to downtown Detroit.
General
Property Type Industrial
Property Subtype Distribution / Warehouse
Tenure Type Sale / Purchase
Property Address 4455 Linden Creek Pkwy, Flint, MI 48507-2943
Land In Acres 5.47
Building Size 57,522  ft2
Financial
Price $5,044,000
Cap Rate 6.50%
Current NOI $327,876.00
Lease
Tenant's Name FEDEX Corporation
Guarantor FEDERAL EXPRESS Corporation
Credit Rating (S&P) BBB
Credit Rating (Moody's) Baa2
Lease Type NN
Lease Expiration Date 11/30/2027
Remaining Term 8.4Yrs

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